| Description |
1 online resource (591 pages) |
| Contents |
Cover Page; Title Page; Copyright Page; Contents; Foreword; Acknowledgments; Abbreviations and Acronyms; 1 Overview; The Broad Perspective; Management of the Extraction; Fiscal Policy; Monetary Policy and Exchange Rate; Economic Diversification; Institutional Aspects; Part I Commodity Markets and The Macroeconomy; 2 Natural Resource Endowment: A Mixed Blessing?; Introduction; Policy issues in Natural-Resource-Rich Countries; Norway and Other Success Stories; From Anecdotes to Empirical Testing; Conclusion; References; 3 Primary Commodities: Historical Perspectives and Prospects |
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Primary Commodities in the Economic Development ProcessFalling Transport Costs and Globalizing Markets; The Entry and Exit of the State in the Commodity Sector in the 20th Century; Real Prices: Falling Long-Run Trends and Short-Run Instability; Policy Implications for Commodity-Exporting Nations; References; Part II Economic Diversification and The Role of Finance; 4 Economic Diversification in Resource-Rich Countries; Introduction; Why Diversify?; The Resource Curse: A Diversification Perspective; The Examples of Malaysia, Indonesia, Chile, and Dubai; Some Common Factors in Success |
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ConclusionsReferences; 5 Finance and Oil: Is There a Resource Curse?; Introduction; Finance and Growth: Is There a Natural Resource Discount?; Finance and Natural Resources-Is There a Resource Curse?; Banks in Resource-Based Economies; Access to Finance in Resource-Based Economies; Summary and Policy Implications; References; 6 The Economics of Sovereign Wealth Funds: Lessons from Norway; Introduction; The Economics of Sovereign Wealth Funds; The (Long) Road to a Sovereign Wealth Fund; Sovereign Wealth Management; Conclusions and Policy Implications; References; Part III Fiscal Policy |
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7 Primary Commodity Price Series: Lessons for Policymakers in Resource-Rich CountriesIntroduction; Empirical Evidence; What Can Policymakers Do to Counter These Three Challenges?; Summary; References; 8 Sustainable Fiscal Policy for Mineral-Based Economies; Introduction; Measuring Economic Performance; Achieving Economic and Fiscal Sustainability; Conclusions and Policy Implications; Appendix; References; 9 Fiscal Policy In Commodity-Exporting Countries: Stability and Growth; Introduction; Data; Estimation Strategy and Main Results; Conclusion; References |
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Part IV Exchange Rates and Financial Stability10 How Can Commodity Exporters Make Fiscal and Monetary Policy Less Procyclical?; The Problem of Procyclicality; Proposal to Make Fiscal Policy More Countercyclical: Emulate Chile's Structural Budget Rule Institutions; Proposal to Make Monetary Policy More Countercyclical: Product Price Targeting; Summary; References; 11 Natural Resources Management and Financial Stability: Evidence from Algeria; Introduction; External Shocks and Financial Instability; Adoption of Prudent Macroeconomic Management for Increased Resources |
| Summary |
Countries with an abundance of natural resources, many of which are in sub-Saharan Africa, often show a record of relatively poor economic performance compared with non-resource-rich countries. The chapters in this volume explore the potential challenges to countries with abundant natural resources and ways to manage these challenges so as to reap the benefits of resource wealth while avoiding the pitfalls. The book is divided into five sections, which explore commodity markets and the macroeconomy, economic diversification and the role of finance, fiscal policy, exchange rates and financial s |
| Notes |
Financing for the Economy in a Context of Prudent Resource Management |
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Print version record |
| Subject |
Natural resources.
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Resource curse.
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Fiscal policy.
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Monetary policy.
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Foreign exchange rates.
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Diversification in industry.
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Economic development.
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Primary commodities.
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Finance.
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Sovereign wealth funds.
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natural resources.
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diversification.
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economic development.
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finance.
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Diversification in industry
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Economic development
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Finance
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Fiscal policy
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Foreign exchange rates
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Monetary policy
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Natural resources
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Primary commodities
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Resource curse
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Sovereign wealth funds
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| Form |
Electronic book
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| Author |
Arezki, Rabah
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Gylfason, Thorvaldur
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| ISBN |
9781463952686 |
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1463952686 |
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